Construction is expected to begin on Mandurah's eastern and western foreshores within months as part of the multi-million dollar City Centre Waterfront Project.
The project will include a large-scale adventure play area on the western foreshore and an enclosed floating pool on the eastern foreshore, as well as upgrades to the Smart Street Mall.
The plans come after years of design concepts, public surveys and community consultation with thousands of local residents.
The project is now fully funded after the City of Mandurah recently received $7 million as part of a federal government commitment.
Canning MP Andrew Hastie promised the funding in May if the Liberal party was re-elected and the funds have since been sourced from the Commonwealth Development Grants Program.
The cash injection joins $10 million secured by Mandurah MP David Templeman through the state government and $5 million from the City of Mandurah's reserves, bringing the total of the redevelopment up to $22 million.
Mandurah mayor Rhys Williams said now that all the funding was locked in, construction could get underway earlier than expected.
"That $7 million is done and we have that money now so we'll be able to complete the whole project in one go," he said.
"It will commence in early 2020 and be finished by mid 2021."
Mr Hastie said the plans for the foreshore redevelopment project had big potential for Mandurah and the wider Peel region.
"The waterfront redevelopment is going to help capitalise on Mandurah's natural beauty to attract tourists to our area, as well as providing more play and social spaces for kids and families," he said.
"The western foreshore play space has received less attention than the pool but I think that's also going to be a fantastic addition for local young families.
"I reckon my kids will be very excited when they see the final product."
Mr Hastie added the project had come together seamlessly thanks to a strong partnership between all levels of government.
"I've got a very constructive relationship with mayor Rhys Williams - we speak regularly about what's going on around town and that makes a big difference in getting stuff done," he said.
This is also a really clear sign to investors that there are a lot of reasons to start thinking about re-investing in Mandurah again.Mandurah mayor Rhys Williams
Mr Williams said the project would reshape the face of the city and was important for the future social and economic growth of Mandurah.
"This will be the largest ever waterfront redevelopment in Mandurah, comprising of the eastern foreshore, the western foreshore and the Smart Street Mall," he said.
"It's not only great in terms of upgrading public amenities but this is also a really clear sign to investors that there are a lot of reasons to start thinking about re-investing in Mandurah again.
"This is a big deal and I'm very excited about it."
The project also hopes to drive tourism to the Mandurah foreshore and create more local jobs.